The share price of Kalyan Jewellers surged more than 7% on Monday after asset manager Motilal Oswal AMC clarified its holdings in the jewelry manufacturer in response to social media rumors. Shares of Kalyan Jewellers rose 7.52% to a peak of ₹539.40 per on the BSE.
In a statement on Sunday, Motilal Oswal Asset Management Company (AMC) refuted the claims that its fund managers were complicit in a bribery plan to buy shares of Kalyan Jewellers India, describing the accusations as “baseless, malicious, and defamatory.”
Motilal Oswal clarifies
The brokerage company Motilal Oswal addressed the social media rumors about its stakes in Kalyan Jewellers in a statement. According to the allegations, bribes were allegedly paid to fund managers at Motilal Oswal AMC in order to enhance their investments in the jewelry company. The AMC described the allegations as “baseless, malicious, and defamatory” in a statement issued on January 19. It stated that “these unfounded charges are a willful attempt by those with a stake to damage the solid reputation that our company and leadership have established over many years.”
About the Company Kalyan JewellersÂ
Kalyan Jewellers India Limited was founded in Thrissur, Kerala, in 1993. They rank among India’s biggest jewelry manufacturers. At varying costs, they provide a wide selection of jewelry items made of gold, diamonds, pearls, and other materials. Their product basket includes a range of goods that are appropriate for everyday use as well as special occasions like weddings. The company began offering hallmark jewelry in 2003. Even before the government made it mandatory, Kalyan Jewellers India Limited was the first to offer Bureau of Indian Standards (BIS) hallmarking jewellers in India.
A variety of jewelry items, including studded and gold pieces, are designed, manufactured, and sold by Kalyan Jewellers India Ltd. at different price points. According to FY20 revenue, it is among India’s biggest jewelry dealers. The company’s current chairman, MD, and promoter, Mr. T.S. Kalyanaraman, started it.
